TPYP vs. ENB

Last updated Jun 4, 2026

TPYP (Tortoise North American Pipeline Fund) is Energy Equities fund tracking the Tortoise North American Pipeline Index, while ENB (Enbridge Inc.) is a stock. Over the past 10 years, TPYP returned 11.93%/yr vs 9.66%/yr for ENB. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

TPYP vs. ENB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Enbridge Inc. (ENB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TPYP having a 20.07% return and ENB slightly lower at 19.75%. Over the past 10 years, TPYP has outperformed ENB with an annualized return of 11.93%, while ENB has yielded a comparatively lower 9.66% annualized return.

TPYP

• 1D: -0.04%
• 1M: -2.82%
• YTD: 20.07%
• 6M: 19.62%
• 1Y: 21.07%
• 3Y*: 25.01%
• 5Y*: 17.73%
• 10Y*: 11.93%

ENB

• 1D: -0.91%
• 1M: 3.29%
• YTD: 19.75%
• 6M: 19.95%
• 1Y: 25.18%
• 3Y*: 21.79%
• 5Y*: 14.50%
• 10Y*: 9.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TPYP vs. ENB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	20.07%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%
ENB Enbridge Inc.	19.75%	19.51%	26.35%	-1.13%	6.46%	30.83%	-13.60%	36.05%	-15.53%	-2.73%

Correlation

The correlation between TPYP and ENB is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.74

The correlation between TPYP and ENB has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

Return for Risk

TPYP vs. ENB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TPYP

TPYP Risk / Return Rank: 49
TPYP Sharpe Ratio Rank: 46
TPYP Sortino Ratio Rank: 44
TPYP Omega Ratio Rank: 42
TPYP Calmar Ratio Rank: 62
TPYP Martin Ratio Rank: 49

ENB

ENB Risk / Return Rank: 79
ENB Sharpe Ratio Rank: 82
ENB Sortino Ratio Rank: 79
ENB Omega Ratio Rank: 75
ENB Calmar Ratio Rank: 80
ENB Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TPYP vs. ENB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Enbridge Inc. (ENB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TPYP	ENB	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.57	+0.04
Sortino ratio: Return per unit of downside risk	2.25	2.27	-0.03
Omega ratio: Gain probability vs. loss probability	1.28	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	3.09	2.78	+0.32
Martin ratio: Return relative to average drawdown	8.34	6.97	+1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPYP vs. ENB - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.61, which is comparable to the ENB Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of TPYP and ENB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TPYP	ENB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.57	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.78	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.40	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.53	-0.10

Drawdowns

TPYP vs. ENB - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than ENB's maximum drawdown of -46.35%. Use the drawdown chart below to compare losses from any high point for TPYP and ENB.

Drawdown Indicators

	TPYP	ENB	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-46.35%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-9.10%	+2.26%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-16.40%	+3.23%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-28.32%	+10.36%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-44.07%	-7.84%
Current Drawdown Current decline from peak	-5.27%	-3.84%	-1.43%
Average Drawdown Average peak-to-trough decline	-7.89%	-10.83%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.69%	-1.13%

Volatility

TPYP vs. ENB - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) and Enbridge Inc. (ENB) have volatilities of 5.67% and 5.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	ENB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	5.73%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	12.90%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	16.06%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	18.62%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	24.34%	-2.40%

Dividends

TPYP vs. ENB - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.25%, less than ENB's 4.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENB Enbridge Inc.	4.97%	5.66%	6.28%	7.31%	6.80%	6.85%	7.55%	5.58%	6.68%	4.71%	4.13%	4.71%
TPYP Tortoise North American Pipeline Fund	3.25%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both TPYP and ENB in my portfolio?

TPYP and ENB have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPYP or ENB?

ENB has higher volatility (5.73%) compared to TPYP (5.67%). In terms of maximum drawdown, TPYP dropped -51.91% vs ENB's -46.35%.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.61 vs 1.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.